Las Vegas is near the bottom of another list; this time, it’s the variety of super-rich areas developed in the last three years.

According the realty site Zillow.com, the Las Vegas city has actually had only one POSTAL CODE which reached the limit of at least 10 percent of the houses worth seven figures since 2014.

Inning accordance with Zillow, the latest new $1 million area is in the tiny 89158 POSTAL CODE, which is just CityCenter. If that seems odd, remember there are some extremely pricey apartments located at the Vdara and Mandarin Oriental Hotels in addition to the two condo-only Veer Towers.

Cities outpacing Las Vegas, Zillow said, include Austin, Texas, which created 2 such communities, and the New York/Northern New Jersey location, which topped the list with 53 brand-new $1 million locations because 2014.

But do not break out the violins for Las Vegas just yet. Initially, there are likely more brand-new $1 million-plus locations in Southern Nevada than Zillow’s data recommend.

The Greater Las Vegas Association of Realtors (GLVAR) states, defining wealthy communities by ZIP code does not reflect the real variety of pricey real estate developments in the greater Las Vegas location.

And in truth, GLVAR’s statistics show that local sales of homes costing $1 million or more increased from 189 to 259 this year compared with this time last year.

Specifically, 220 $1 million-plus homes, condos and townhomes offered from Jan. 1 to July 31. That’s not counting 39 $1 million-plus high-rise apartments. During the exact same time in 2016, GLVAR states 164 $1 million-plus houses, condominiums and townhomes and 25 high-rise condominiums offered.

GLVAR President David Tina indicated advancements like Red Rock Country Club and the Ridges as present examples. More recent developments have actually simply opened or are about to open, he said.

“We do have a lot of communities coming online that will be in that $1 million median price range,” Tina stated. “I do think we’re well on our way.”

Not just are new higher-priced real estate advancements being constructed, but the worth of homes in Las Vegas is likewise increasing, Tina stated

“We’re 10 percent year over year in appreciation,” Tina said. “And that gratitude most likely pressed a good quantity of homes over the million-dollar mark.”

There are a number factors for this, Tina stated.

“People are already starting to buy homes associated with the Golden Knights and Raiders pertaining to town,” Tina stated. “Company owner from Southern California are coming here in droves.”

The California exodus to Nevada, a trend that’s been taking place for a long time, has accelerated recently, Tina stated, because Southern Nevada has more of the features Southern Californians want than it carried out in decades previous.

With the addition of professional sports groups in Las Vegas, the city has nearly whatever that Southern California has. “Now we are more on an even playing field,” he said. “So what are you quiting other than the 70-degree weather?”

And in addition to indicating their own statistics, GLVAR also questioned if Zillow’s list accurately shows the Las Vegas market.

A GLVAR representative stated that Zillow shows the general average home price (it calls the step the Zillow Home Value Index) in Las Vegas as being $225,500. GLVAR statistics, however, reveal the average single-family home rate through 2017 as $260,000.

And of course, even according to Zillow’s numbers, there are metropolitan areas that have seen far less development in high-end residential property than Las Vegas.

In the same release, Zillow said 10 cities have included no brand-new $1 million areas because 2014 and 2 areas, St. Louis and Cincinnati, included no brand-new $1 million areas in the past 10 years.